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2007-5-18 12:07:00 p.m. HKT, XFNA
HK-listed AGTech to buy lottery firm Shining China for 777.7 mln hkd - report
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BEIJING (XFN-ASIA) - Hong Kong-listed IT firm AGTech Holdings Ltd, will
pay 777.7 mln hkd to buy private lottery consulting company Shining China,
the South China Morning Post reported, citing an AGTech spokesperson.
Shining China has consulting contracts with branches of the state-run
China Sports Lottery in three regional markets on the mainland.
Although the price represents more than 8,000 times the net asset value
of Shining China, the AGTech spokesman said the acquisition ""will allow the
group to accelerate its penetration into the sports lottery sector.""
State-run lotteries are the only legal form of gambling in mainland
China, with sales across the country of the Sports Lottery rising seven pct
last year to 32.3 bln hkd.
AGTech said it hopes to expand Shining China's operations beyond its
three current regions and may attempt to cross-sell sports-betting products
it plans to develop with its mainland joint venture partner Ladbrokes.
(1 usd = 7.8 hkd)
andrew.pasek@xinhuafinance.com
xfnap/xfnmb
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